Who should lodge a transfer balance account report

If you are a super provider, including a self-managed super fund (SMSF) or life insurance company, complete this report when:

a transfer balance account event has occurred

further information is required to calculate a member's total super balance

you received a structured settlement after 1 July 2017, regardless of whether your member has a transfer balance account

you need to correct information that you have previously been reported to us.

Note: As an SMSF trustee you only need to report information about your member's interest in the SMSF.

Events you must report

Super providers are required to report the following:

Transfer balance account events:

super income streams in existence just before 1 July 2017 that

continued to be paid on or after 1 July 2017, and

were in retirement phase on or after 1 July 2017

any of the following events that occur on or after 1 July 2017

super income streams that have started in retirement phase, including reversionary income streams

limited recourse borrowing arrangement (LRBA) payments when

the LRBA was entered into on or after 1 July 2017 (or an LRBA entered into before 1 July 2017 was refinanced on or after 1 July 2017), and

the payments result in an increased in the value of the member's superannuation interest supporting their retirement phase income stream, and

the member's interest in an SMSF or other complying superannuation fund with less than 5 members

member commutations, including commutations that occur before an income stream is 'rolled over' to another fund and commutations requested by a member because we have issued them with an excess transfer balance determination

compliance with a commutation authority issued by the Commissioner to the fund, including commutations made in response to the commutation authority we have issued to the fund

Total super balance

30 June accumulation phase value (APV)

SMSFs may need to report an accumulation phase value on this form for the 2017 income year. From 30 June 2018 you will report this information to us on your SMSF annual return if you need to do so.

To ensure we correctly calculate a member's total super balance SMSFs must provide this information when, at 30 June 2017:

the member has accumulation and retirement phase interests in the SMSF, and the member has a capped defined benefit income stream or a flex-pension in their SMSF

the member only has retirement phase income streams in their SMSF and they include a flexi-pension or capped defined benefit income stream

the member only has accumulation phase interests and the difference between the accumulation phase value and the closing account balance is not limited to the value of exit fees, administration fees and realisation costs.

30 June retirement phase value

SMSFs don't need to provide this information on this form. From 30 June 2018 you will provide this information to us on your SMSF annual return if you need to do so.

Uncapped notional taxed contributions amount

It is no longer required to report this information to us. However if you do so, there will be no adverse impact for your members.

Corrections

If you have made an error in your reporting you will need to cancel the original event prior to lodging a new event.

No report needed

when an income stream is closed because the interest has been exhausted

concessional contributions

the death of a member.

Timeframe for lodging

If the reporting event is in response to a commutation authority we issued, you must lodge the report within 60 days of the date of issue on your commutation authority. Refer to your commutation authority for the lodgment due date.

Generally, in all other circumstances different timeframes for lodging the report apply to different providers.

'member commutation' is for any commutation requested by the member, including commutations requested by the member after we have issued them with an excess transfer balance determination. These are reported at item 14 if you are lodging a paper form

you report a response to a commutation authority only after we have issued the SMSF with a commutation authority

you have included all the relevant information for each and every event you are reporting, such as the date and value of the event

if you are reporting multiple events for a member on a paper form , check you have provided all the details for the first event at 'event one', all the details of the second event at 'event two' and so on

if you are reporting you have responded to a commutation authority by commuting in full, you must ensure the SMSF has commuted the full amount in the commutation authority we sent them, including cents.

Our commitment to you

We are committed to providing you with accurate, consistent and clear information to help you understand your rights and entitlements and meet your obligations.

If you follow our information and it turns out to be incorrect, or it is misleading and you make a mistake as a result, we will take that into account when determining what action, if any, we should take.

Some of the information on this website applies to a specific financial year. This is clearly marked. Make sure you have the information for the right year before making decisions based on that information.

If you feel that our information does not fully cover your circumstances, or you are unsure how it applies to you, contact us or seek professional advice.